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5) Jackson Inc. had the following breakdown of accounts receivable at December 31 Age of Accounts 1-30 days 31-60 days 61-90 days Over 90 days
5) Jackson Inc. had the following breakdown of accounts receivable at December 31 Age of Accounts 1-30 days 31-60 days 61-90 days Over 90 days Total Percentage Estimated Amount $12,000 4,000 3,600 400 $20,000 190 4% 10% 50% At the end of the year, before adjustments, Jackson has a $25 credit in the allowance for doubtful accounts a) What is the balance in Jackson's allowance for doubtful accounts at December 31? b) Give Jackson's journal entry to record bad debt expense for the year (December 31 adjusting entry). c) What is Jackson's net accounts receivable at December 31
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